Corus Entertainment hikes dividend by 6.25% as earnings rise

TORONTO — Corus Entertainment Inc. (TSX:CJR.B) announced a more than 6% increase in its dividend Monday as the entertainment and media company also reported an increase in first-quarter earnings.

Corus said net income attributable to shareholders was $52.2 million or 62 cents per diluted share in the three months ended Nov. 30.

That was up 3% from $50.5 million or 61 cents per dilute share in the year-earlier period.

However, consolidated revenues slipped to $226.1 million, down five% from $236.9 million the previous year.

On a segmented basis, television revenue dropped to $173.8 million from $185 million, while radio revenue increased to $52.3 million from almost $51.9 million.

President and CEO John Cassaday said double-digit segment profit growth in radio, strong women’s advertising sales, subscriber gains on pay television and “continued success in controlling costs was partially offset by soft results in our Kids business.”